KeyBridge Medical Revenue Management announced Tuesday that it will expand its footprint into the Indiana market.
"There is great opportunity to bring our healthcare revenue management solutions to Indiana hospitals and medical group practices," said Scott Koenig, president of KeyBridge. "Establishing a presence in Indiana will enable us to effectively serve clients while demonstrating our commitment to the market."
KeyBridge attributes its success in helping clients improve revenue to its patient-friendly collection practices and proprietary accounts receivable management technology.
“We have developed our own software for the management of accounts, and there a lot of things we can do internally with a real time response,” added Koenig. “There are a lot of situations where this comes up. Healthcare is a moving target.”
“The other thing (beyond technology) is it’s becoming more and more prevalent that a major driver for hospitals and physicians practices is patient relationships,” said Koenig. “The billing and collections process means just as much to patient satisfaction as clinical services do.”
Koenig believes the cost of alienating a patient is steep. “On average, we estimate that a hospital loses $1.5 million per lost patient. This is based on factors such as average age of patient, household size and projections on average spending. As a result of being satisfied, patients become repeat customers.”
KeyBridge will support its market expansion with the addition of Jeff Osborne as account manager. Osborne brings more than 12 years of account management, client services and business development experience to the position.
"Attracting and preserving patient relationships is a major driver of the profitability of hospitals and large group medical practices," Osborne said. "I look forward to working closely with the Indiana healthcare community to ensure that revenue collection processes are both patient friendly and ultimately more successful.”